About MOP1.74 billion (US$217.9 million) were spent in Macau through the consumer e-card created to boost the local economy affected by the Covid-19 pandemic, officials said today (Wednesday).
According to the Economic Services Bureau, around 63 per cent of the more than 19.4 million transactions benefited small and medium-sized enterprises (SMEs), with catering (24 per cent) and retail trade (70 per cent) the sectors that benefited the most from the scheme.
About 40 per cent of the total amount of transactions made using the electronic consumption card took place in establishments with less than 20 workers, authorities added.
The electronic consumption card was one of the first measures announced by the Macau Government to respond to the crisis caused by the pandemic.
A first amount of MOP3,000 patacas was allocated to more than 600,000 residents, to be spent in May, June and July. In August, residents will once again receive another MOP5,000 patacas.
“With a view to boosting the economy, widening domestic demand, mitigating the difficulties faced by companies in exploring business, stabilizing the job market and, at the same time, alleviating the economic pressure of residents, the Government of Macao SAR launched the electronic consumption card for a total value of MOP8,000, distributed in two phases”, it was indicated in the same note.
At the end of June, the Macau Chief Executive pointed to the beginning of the economic recovery of the territory for December, warning that the Government intends to contain expenses, but only those not “related to the well-being of citizens”.
The International Monetary Fund (IMF) estimated a 29.6 per cent contraction of Macau’s economy this year, due to the Covid-19 pandemic, in a city is highly dependent on gambling and that recorded MOP292.4 billion in gross gaming revenues at the end of 2019, with the government estimating a budget deficit of MOP40 billion this year.
Macau was one of the first territories to identify cases of the novel coronavirus, before the end of January.
The city then registered a first wave of ten cases.
Another 35 cases started in March, all imported, a situation associated with the return of residents, many students in higher education in foreign countries.
The most recent case, the 46th since the outbreak began, was recorded on 25 June. Macau did not register any death associated with the disease.
